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Well, how much do you have in your 401K and how old are you?

Discussion in 'Industry Veterans' started by Anonymous, Nov 5, 2009 at 5:50 PM.

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  1. anonymous

    anonymous Guest

    Are you done or still in medical sales? What is everybody's number before they checkout? I am in my late 30's with 3 kids, hoping to get to 2.5 mil in savings by 45 then just work a job I love that is also my hobby.
     

  2. anonymous

    anonymous Guest


    Its split between a 401k and a SEP IRA so there will be required MD when we hit 70.5. Plan on building up the 529 for daughters education. Wife also has a defined benefit pension that should pay 6-7 grand monthly upon retirement. Any advice would be greatly appreciated on what we should be doing from here. Kind of been just stuffing money away without direction.
     
  3. anonymous

    anonymous Guest

    38 years old

    Wife left me

    Dealing with mental issues

    No 401K as I lost my pharma job and can't afford to save money

    I spend my days trolling CP and calling people "Parrot Boy" just to make myself feel better
     
  4. anonymous

    anonymous Guest

    you both are in great shape
     
  5. anonymous

    anonymous Guest

    787,500 age 48 - great company match and the company stock is growing 20% per year
     
  6. anonymous

    anonymous Guest

    Yeah, right. You're full of shit. Unless daddy died and left you a pile. You haven't earned that much money, let alone saved that much. Of course, you're a stock market genius?
     
  7. anonymous

    anonymous Guest

    Like all of these threads, there are truths and falsehoods. With some of these numbers, you have to know it's either bullshit, or it's not the whole story.
    Obviously, two big incomes, a large inheritance, windfall in market(rare nowadays), side businesses, real estate, etc. will screw the numbers.
    A family of 4 with 2 kids, 125-250 in income with usual expenses and living within their means isn't saving a million by 40.
    Mine 65, 35 yrs in pharma sales, 1.5 million in 401k, Roths, etc. 350k in home value,
    50 k in savings. 2k mo. Wife and My pensions. Govt healthcare plan costs us 80bucks/mo out of pocket.SS will give us 45k next yr. with expenses of 40k, we'll be very comfortable without withdrawing a dime if we don't want to. Don't want a sailboat, world travel, or a vineyard. Love spoiling our grandkids.
    So rest easy. You can live very well in retirement on a lot less than the financial boys tell you
     
  8. anonymous

    anonymous Guest


    Actually it is possible to have a million by 40.... one caveat is we are a family of 3 but we hit one million when I was 38 and wife was 37 earlier this year. 0 in inheritance and no windfalls, just straight salary. Income currently is slightly below 250 but during most of our earning career so far it was closer to 150.
     
  9. anonymous

    anonymous Guest

     
  10. anonymous

    anonymous Guest

    Somebody who's got it right. As I read through these posts allot of you are bleeding heart liberals that think the pharma or device company owes you. The days of old are gone and forever gone as this country works towards a single payer system, and the fancy dinners and fun you used to have are over. This kid did it right he's going where you can only truly make valuations on your own. He's taking a risk which none of you have thought about. As for me Iam 44 took the risk 12 years ago and went on my own here's the result.

    2.5 million in retirement plans yes I am the owner of my device company it's called a defined benefit plan. The risk reward scenario folks

    2.5 million in cash because it makes me feel good

    1.5 million dollar home paid.

    Couple rental properties.

    I did this in 12 years with nothing. A couple of med devices in my bag and kicked the crap out of everyone by working 24-7. Now that the industry is consolidating I am going to sell the whole pig off to some stupid device company that wants or thinks the direct model is the way to go. I am going to take there money and go live life at 44. Take a risk folks fuck the corporation!!
     
  11. anonymous

    anonymous Guest

    38 year
    401k = 87K
    Equity = 30K
     
  12. anonymous

    anonymous Guest


    You forgot the part about your supermodel wife and your Nobel prize.
     
  13. anonymous

    anonymous Guest

    Finally, a realistic post! I am nearly identical to you.

    Age 61
    401k, IRA, stock, and cash: $1,325,000
    Home and a vacation condo paid off finally.
    Our expenses are about 50k but I can reduce that.
    Social security at age 65 is projected at 45k

    Now to stay healthy and play with our 2 grand kids.
     
  14. anonymous

    anonymous Guest

    Fixed the post to be more accurate.
     
  15. anonymous

    anonymous Guest

    JCP over 10 bucks!

    Suckers!
     
  16. anonymous

    anonymous Guest

    Age 51 994K
     
  17. anonymous

    anonymous Guest

    Hi loser. Yes, you are a sucker. Have you found a job yet? Maybe you can get a sales job at JCP.
     
  18. anonymous

    anonymous Guest

    Hey guys, don't feel that I've done too well so far and about to get my plan on a more stringent path. My wife has been home with the kids for about 5 years now (they are young), and plans to return to work later when they get older. Hoping that will accelerate things in addition to a renewed focus. I have a long way to go:

    33 years old
    70K in my 401K
    40K in cash
    7K in kids college funds
    Approx 110K equity in my home (owe 390K on home value of 500K+)
    No other debt besides the home and wife's vehicle (35k)
    Also have some stock options with a young device company, but nothing real yet
     
  19. anonymous

    anonymous Guest

    Your wife is driving a vehicle that is too expensive for a stay at home mom. Sell it and buy something for cash. Redirect the monthly payment into savings
     
  20. anonymous

    anonymous Guest